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BISYS REPORTS FOURTH QUARTER AND FISCAL YEAR RESULTS: REVENUES INCREASE 18.4 PERCENT; OPERATING RESULTS AT RECORD LEVEL

 LITTLE FALLS, N.J., Aug. 4 /PRNewswire/ -- The BISYS Group, Inc. (NASDAQ: BSYS) reported results today for the fourth quarter and fiscal year ended June 30, 1993.
 For the fourth quarter BISYS reported net earnings of $3,306,000 or $0.21 per share compared to a net loss of $598,000, or $0.05 loss per share in the comparable 1992 quarter. Fourth quarter revenues increased approximately 15 percent, to $24,008,000 from $20,904,000 for the same period last year.
 For fiscal 1993 BISYS reported net earnings of $17,077,000 or $1.16 per share compared to a net loss of $23,713,000 or $2.71 loss per share for the fiscal year ended June 30, 1992. BISYS' fiscal year revenues grew to $88,280,000, up 18 percent over fiscal 1992 revenues of $74,533,000.
 Nonrecurring, Non-Operating Items
 During fiscal 1993 BISYS adopted the Financial Accounting Standards Board's Statement of Financial Accounting Standards Board's Statement of Financial Accounting Standards No. 109, "Accounting for Incomes Taxes," ("SFAS No. 109") reflecting a gain related to BISYS' net operating loss carryforward benefit. Included in the results for fiscal 1993 is income of $13,700,000 or $0.93 per share gain. The effect of adopting SFAS No. 109 is to record as a deferred tax asset BISYS' net operating loss carryforwards at their net tax value. Also during fiscal 1993, BISYS elected to take a nonrecurring charge of $9,138,000 associated primarily with the write off of certain goodwill and intangible assets.
 Operating Results at Record Level
 Operating results (revenues less certain operating costs which exclude interest, amortization of intangible assets and nonrecurring charges) reached a record level, $16,442,000, representing a 24.4 percent increase over fiscal 1992's level of $13,216,000. Operating margin continued its expansion, growing to 18.6 percent from 17.7 percent in fiscal 1992.
 "Our strong fiscal performance reflects the exceptional dedication and commitment of BISYS associates to our single-source, single product philosophy," said Lynn J. Mangum, Chairman and Chief Executive Officer of BISYS. "During fiscal 1993, we experienced our highest year ever for new client sales and for sales to existing clients. With these strong results, new product introductions and the contribution of The Barclay Group, Inc., our newly acquired 401(k) administration and record keeping company, BISYS is well positioned for excellent growth in fiscal 1994."
 Mr. Mangum continued, "We're gratified by our performance for our shareholders in fiscal '93. Consistent with plans, pro forma EPS grew to $0.70 per share from $0.48 per share in fiscal 1992. Also important, we have $50 million in cash and credit lines available for acquisitions to support our longer term growth and product objectives."
 BISYS is a leading national provider of information processing, loan servicing and 401(k) administration and record keeping services to and through banking and other financial organizations. Headquartered in Little Falls, New Jersey, the Company serves clients throughout the U.S. and employs over 1000 associates.
 THE BISYS GROUP, INC.
 SUMMARY CONSOLIDATED FINANCIAL DATA
 (Unaudited)
 ($ in 000s except per share amounts)
 Three Months Fiscal Year
 Period ended June 30, 1993 1992 1993 1992
 STATEMENT OF OPERATIONS DATA:
 Revenues $24,008 $20,904 $88,280 $74,533
 Operating expenses
 before amortization of
 intangible assets and
 nonrecurring charges 19,002 16,406 71,838 61,317
 Operating results 5,006 4,498 16,442 13,216
 Amortization of
 intangible assets 147 4,899 653 21,041
 Nonrecurring charges --- --- 9,138 9,323
 Operating earnings (loss) 4,859 (401) 6,651 (17,148)
 Interest (income)
 expense - net (366) 197 (729) 4,801
 Earnings (loss) before
 income taxes 5,225 (598) 7,380 (21,949)
 Income tax provision 1,919 --- 4,003 ---
 Net earnings (loss)
 before extraordinary
 charge and cumulative
 effect of change in
 accounting principle 3,306 (598) 3,377 (21,949)
 Extraordinary charge --- --- --- 615
 Cumulative effect
 of change in
 accounting principle --- --- 13,700 ---
 Net earnings (loss) 3,306 (598) 17,077 (22,564)
 Preferred stock dividends --- --- --- (1,149)
 Net earnings (loss)
 attributable to
 common stockholders $ 3,306 $ (598) $17,077 $(23,713)
 Net earnings (loss) before
 extraordinary charge and
 cumulative effect of change
 in accounting principle
 per common share $ 0.21 ($0.05) $0.23 ($2.64)
 Extraordinary charge
 per common share --- --- --- (0.07)
 Cumulative effect of
 change in accounting
 principle per share --- --- 0.93 ---
 Net earnings (loss)
 per common share $0.21 ($0.05) $1.16 ($2.71)
 Weighted average common
 and common equivalent
 shares outstanding 15,896 13,205 14,716 8,740
 BALANCE SHEET DATA: June 30, 1993 June 30, 1992
 Cash & cash equivalents $ 40,153 $ 6,430
 Current assets 55,322 17,698
 Total assets 85,079 37,316
 Current liabilities 13,122 14,041
 Long term debt --- 6,042
 Total liabilities 14,949 23,691
 Shareholders' equity 70,130 13,625
 -0- 8/4/93
 /CONTACT: Robert J. McMullan, Senior Vice President/Chief Financial Officer, of BISYS Group, Inc., 201-812-8600
 (BSYS)


CO: BISYS Group, Inc. ST: New Jersey IN: FIN SU: ERN

MP -- NY078 -- 9500 08/04/93 16:00 EDT
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Date:Aug 4, 1993
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